DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2023

DERIVATIVES

Schedule of notional amount and fair value

The following tables reflect the derivatives recorded on the balance sheet (in thousands):

			Fair Value
		Notional		Other		Other
		Amount		Assets		Liabilities
At December 31, 2023
Derivatives designated as hedges:
Interest rate swaps related to customer deposits and borrowings	$	700,000	$	1,530	$	4,880
Derivatives not designated as hedges:
Interest rate swaps	$	69,000	$	1,157	$	1,157
At December 31, 2022
Derivatives designated as hedges:
Interest rate cap related to customer deposits	$	—	$	—	$	—

Schedule of effect of cash flow hedge accounting on accumulated other comprehensive income

The effect of cash flow hedge accounting on accumulated other comprehensive income is as follows (in thousands):

	Year ended December 31,
	2023		2022		2021
Interest rate swaps and caps related to customer deposits and borrowings
Amount of gain (loss) recognized in OCI, net of tax	$	(2,355)	$	6,787	$	(1,311)
Amount of gain (loss) reclassified from OCI into income	$	4,864	$	1,949	$	—
Location of gain (loss) reclassified from OCI into income		Licensing fees		N/A		N/A